Whales Accumulate 37,100 BTC In 10 Days. Is This A Bullish Signal?
Recent data from an on-chain analytics platform, Santiment, shows that some BTC whales have shown huge accumulation moves in the past ten days. The Bitcoin Supply Distribution (BSD) indicator shows that these wallet categories are majorly Bitcoin whales.
This indicator shows the amount of Bitcoin held by different wallet groups on the blockchain.
Whales Accumulate Bitcoin As Price Becomes Bullish
“Wallet groups” indicate the minimum and maximum amount of coins held by each wallet in the group. For instance, the “1-10 BTC” category comprises all wallets with a maximum of 10 BTC.
The BSD metric for those in this range will provide information about the proportion of the total Bitcoin supply held by the total of all wallets within the specified range. However, the Santiment data focused on three other wallet groups – 10-100 BTC, 100-1,000 BTC, and 1,000-10,000 BTC,
Santiment’s graph on Twitter shows that the total amount of BTC supply in possession of the “10-100” group has increased in the last ten weeks. Holders with such balances are referred to as sharks.
During this accumulation period, they have increased their holdings by 105,600 BTC. On the other hand, the “100-1,000” band began accumulation later on.
This increment saw their wallet holdings increase by 67,000 BTC in 8 weeks. Those in this group are called small whales and are a huge part of the Bitcoin market.
“10-100” And “100-1,000” BTC Wallet Group Drove Latest Price Hike
Furthermore, the Santiment data opined that the recent rally in the crypto market, where the price of BTC reached as high as $21,000, was driven by strong accumulation from these two groups. Their buying activities have helped establish a base for the rally.
The group of whales holding between 1,000 and 10,000 is also important for BTC’s price movement. Unfortunately, these large holders were selling their holdings during the bearish market, pushing BTC’s price down.
Surprisingly, these whales have turned from their selling trend in the past ten days. They have been buying BTC and have increased their holdings by 37,100 BTC.
The recent accumulation of Bitcoin by these whales has caused the latest rapid and sustained breakout of Bitcoin’s price in the past few days. Interestingly, the market rally looks promising, with multiple segments accumulating simultaneously.
However, the group of holders with a BTC holding between 1,000 and 10,000 should be monitored closely, as a bearish trend could occur if these investors start selling their holdings. Meanwhile, BTC’s price has crossed $20K, a good start in 2023, having increased by about 23% in the past seven days.
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